Tidewater Convenience Inc. sold its 14 company-operated petroleum marketing and convenience retail stores and one company-owned commission marketer location to Global Partners LP. The locations are throughout the Norfolk, Chesapeake and Virginia Beach areas of Virginia.
Tidewater Convenience Inc. was incorporated in 1992 by Charles “Chuck” and Carol Weaver when they acquired two Texaco stores in Virginia Beach. The company experienced steady growth through the 1990s and 2000s as the business expanded with up to 17 convenience retailing and petroleum marketing locations at one time. Chuck and Carol Weaver have remained hands-on operators throughout their 30-plus years of ownership.
Matrix Capital Markets Group, Inc. advised Tidewater on the sale.
“It has been an honor and a pleasure to serve the people of Hampton Roads by providing motor fuel and other products for the past 30 years. We are very thankful for the many talented people who helped build Tidewater Convenience into what it is today,” said Charles Weaver. “When Carol and I agreed that it was time to retire, we knew that we could rely on Matrix to find the next steward of our business. We are very satisfied with the result and know that Global Partners will continue our legacy of delivering high-quality service in each of our locations.”
With approximately 1,700 locations primarily in the Northeast, Global Partners is an independent owner, supplier and operator of gasoline stations and convenience stores.